Nokia is buying digital health firm Withings for $191 million

Nokia has announced plans to acquire Withings — a French consumer electronics company focusing on digital health products — for €170 million ($191 million) in cash. The acquisition will significantly boost Nokia's portfolio of wearables and fitness devices, bringing Withings products such as its Activité smartwatch, E-ink fitness tracker, and Bluetooth thermometer into Nokia's advanced technologies division.

"We have said consistently that digital health was an area of strategic interest to Nokia, and we are now taking concrete action to tap the opportunity in this large and important market," said Rajeev Suri, president & CEO of Nokia in a press statement. "With this acquisition, Nokia is strengthening its position in the Internet of Things in a way that leverages the power of our trusted brand, fits with our company purpose of expanding the human possibilities of the connected world, and puts us at the heart of a very large addressable market where we can make a meaningful difference in peoples' lives."